MTFs: Dead From the Start?
The stated objective of the E.U.'s Markets in Financial Instruments Directive (Mifid) is that it protects the individual investor by improving the level of transparency in the financial markets. As part of this, Mifid is attempting to eliminate internalized trading within large brokerage firms. However, the practice is allowed under many countries' regulations, but within certain parameters.
Brokers argue that internalization is a good thing, as they save money by not having to pay for the order
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